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Should auld CPA certificates be not forgot

BOA Business

| October 2017 Footnote

Before we ring in 2018, make a resolution to your professional self and take care of your CPA certificate for the coming year.

Dec. 31 is the deadline for all Minnesota CPAs to renew their certificate and report their CPE to the Minnesota Board of Accountancy (BOA).

Out with the old CPA certificate, and in with the new! Here's what all CPAs need to know.

CPA certificate renewal

Deadline: Dec. 31, 2017

All CPAs certified in Minnesota must renew their certificate annually by Dec. 31. This is true whether your certificate is active or inactive. Online renewal is recommended, although a downloadable form is available via the BOA's website.

2018 renewal costs:

  • $100 for an active CPA certificate
  • $25 for an inactive CPA certificate

CPAs who miss the Dec. 31 deadline are not allowed to perform public accounting work or use the CPA designation until their certificate is properly renewed.

Inactive CPAs: Dec. 31 is for you, too

CPA certificate renewal is required for those that hold inactive certificates, too. Failing to renew an inactive CPA certificate will result in additional fees and eventual revocation of the certificate itself. You can't use the "CPA Inactive" designation until you have renewed.

Thinking about going inactive? This is the time to do it. An active CPA certificate can only be converted to inactive during the BOA's annual renewal process. You will need to be in compliance with CPE reporting requirements as of June 30, 2017, for the change to take effect on Jan. 1, 2018.

CPE reporting

Deadline: Dec. 31, 2017

CPE reporting period: July 1, 2014--June 30, 2017

Active CPAs must annually report 120 CPE credits, including 8 ethics credits, to the BOA for the rolling, three-year reporting period. A minimum of 20 credits is required each fiscal year.

Inactive CPAs do not have a CPE requirement and, therefore, have nothing to report.

Did you earn your initial Minnesota CPA certificate after June 30, 2016? You also do not have a CPE reporting obligation this year.

What if I'm late?

Missing the BOA's June 30 or Dec. 31 deadlines puts you out of compliance and will result in noncompliance fees. 

CPA certificate renewal:

Missing the Dec. 31 renewal deadline will result in a $50 late-renewal fee. The BOA revokes CPA certificates that have not been renewed for two consecutive years.

CPE reporting:

Credits completed after June 30 or reported after Dec. 31 are late and are assessed a noncompliance or late-reporting fee. The fee is based on the month that credits are reported. For credits earned after June 30, submit certificates of completion to the BOA along with the noncompliance fee.

Firm permit renewal

Deadline: Dec. 31, 2017

CPA firms must renew their firm permit annually.

By Dec. 31, 2017, two-thirds of all owners, partners, shareholders, members, managers, directors and officers within a firm must be successfully renewed. Otherwise, the firm will not be able to renew its permit on time.

By March 1, 2018, or 60 days after the BOA's Dec. 31 deadline, 100 percent of the CPAs listed above must be renewed, or the firm's permit will be automatically revoked. 

Questions?

CPA certification is regulated by the Minnesota BOA. They can be reached at 651-296-7938 or at the BOA website.

The MNCPA is here to help. Call 952-831-2707 or email customerservice@mncpa.org.